Thailand becomes the first country to reject Bitcoin

Thailand becomes the first country to reject Bitcoin Published time: July 30, 2013 08:47 Get short URL Tags Currencies , Global economy The Bank of Thailand has banned operations of the internet-only currency Bitcoin, citing a lack of existing laws and capital controls. After a Bitcoin presentation to the Thai government aimed at explaining how the crypto currency works, as well as its benefits, the country’s authorities ruled that “…Bitcoin activities are illegal in Thailand”. A Bitcoin team were in Thailand to allay government doubts and to get the currency legitimized in the country. The verdict means that it’s illegal to use Bitcoins in settlements within Thailand, as well as send it to or receive it from any other country. The decision by Thailand marked the first major stumbling block for the virtual currency towards wider acceptance. Bitcoin Co. Ltd hopes the countr...